- Millennial Lithium (ML) has received a non-binding acquisition proposal from Lithium Americas (LAC)
- Lithium Americas has offered to acquire Millennial for C$4.70 per share payable in LAC shares plus C$0.001 per share
- The purchase price represents a premium of 22.1 per cent or C$0.85 per share to Millennial’s existing arrangement with Contemporary Amperex Technology
- Amperex has until 7:30 pm ET on November 16, 2021, to resubmit a superior offer
- Millennial Lithium is focused on the development of its flagship lithium brine project, Pastos Grandes, situated in the province of Salta in Argentina’s Lithium Triangle
- Millennial Lithium (ML) is up by 26.56 per cent and is currently trading at $4.67 per share
Millennial Lithium (ML) has received a non-binding acquisition proposal from Lithium Americas (LAC).
The offer constitutes a superior proposal to Millennial’s existing arrangement with Contemporary Amperex Technology dated September 28, 2021.
Lithium Americas has offered to acquire Millennial for C$4.70 per share payable in LAC shares plus C$0.001 per share.
The purchase price represents a premium of 22.1 per cent or C$0.85 per share to the Amperex offer and a premium of 27.4 per cent or C$1.01 per share to Millennial’s closing market price on October 29, 2021.
The new offer provides that Lithium Americas will, subject to certain conditions, reimburse Millennial for the US$20 million termination fee with respect to the Amperex offer. Lithium Americas would also pay Millennial a reverse termination fee of US$20 million, in certain specified circumstances, to be held in escrow.
The closing date for the new offer is scheduled for January 31, 2022.
Amperex has until 7:30 pm ET on November 16, 2021, to resubmit a superior offer.
Lithium Americas is advancing the Cauchari-Olaroz lithium brine project in Argentina and the Thacker Pass lithium project in Nevada.
Millennial Lithium is focused on the development of its flagship lithium brine project, Pastos Grandes, situated in the province of Salta in Argentina’s Lithium Triangle.
Lithium Americas (LAC) is down by 2.67 per cent and is currently trading at $34.94 per share as of 9:54 am ET.
Millennial Lithium (ML) is up by 26.56 per cent and is currently trading at $4.67 per share as of 9:53 am ET.